Balentine LLC Sells 12,503 Shares of Corning Incorporated (NYSE:GLW)

Balentine LLC lessened its position in shares of Corning Incorporated (NYSE:GLW) by 63.5% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 7,186 shares of the electronics maker’s stock after selling 12,503 shares during the period. Balentine LLC’s holdings in Corning were worth $219,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. SRS Capital Advisors Inc. increased its holdings in Corning by 232.9% during the 3rd quarter. SRS Capital Advisors Inc. now owns 932 shares of the electronics maker’s stock worth $28,000 after purchasing an additional 652 shares in the last quarter. Bruce G. Allen Investments LLC bought a new position in Corning during the 4th quarter worth about $31,000. Emfo LLC bought a new position in Corning during the 4th quarter worth about $33,000. CGC Financial Services LLC increased its holdings in Corning by 807.7% during the 4th quarter. CGC Financial Services LLC now owns 1,180 shares of the electronics maker’s stock worth $36,000 after purchasing an additional 1,050 shares in the last quarter. Finally, GAMMA Investing LLC bought a new position in Corning during the 4th quarter worth about $40,000. Institutional investors own 69.80% of the company’s stock.

Insider Activity

In other news, VP Martin J. Curran sold 16,416 shares of Corning stock in a transaction that occurred on Friday, May 3rd. The shares were sold at an average price of $33.70, for a total value of $553,219.20. Following the completion of the sale, the vice president now directly owns 65,598 shares in the company, valued at $2,210,652.60. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other Corning news, VP Jeffrey W. Evenson sold 103,437 shares of the business’s stock in a transaction that occurred on Monday, May 6th. The shares were sold at an average price of $33.19, for a total transaction of $3,433,074.03. Following the completion of the transaction, the vice president now directly owns 70,110 shares in the company, valued at $2,326,950.90. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, VP Martin J. Curran sold 16,416 shares of the business’s stock in a transaction that occurred on Friday, May 3rd. The shares were sold at an average price of $33.70, for a total transaction of $553,219.20. Following the transaction, the vice president now owns 65,598 shares of the company’s stock, valued at $2,210,652.60. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 239,841 shares of company stock worth $7,971,257. Corporate insiders own 0.40% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the stock. Susquehanna restated a “positive” rating and set a $40.00 price objective on shares of Corning in a research note on Monday, April 1st. JPMorgan Chase & Co. increased their price objective on shares of Corning from $36.00 to $37.00 and gave the stock a “neutral” rating in a research note on Wednesday, May 1st. UBS Group increased their price objective on shares of Corning from $34.00 to $35.00 and gave the stock a “neutral” rating in a research note on Monday, April 8th. HSBC downgraded shares of Corning from a “hold” rating to a “reduce” rating and set a $29.00 price objective for the company. in a research note on Thursday, February 1st. Finally, Morgan Stanley restated an “overweight” rating and set a $35.00 price objective on shares of Corning in a research note on Monday, April 22nd. One analyst has rated the stock with a sell rating, six have given a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, Corning currently has a consensus rating of “Hold” and a consensus target price of $35.00.

Corning Trading Down 1.3 %

Shares of GLW stock opened at $36.12 on Friday. The firm has a 50 day moving average price of $33.00 and a two-hundred day moving average price of $31.37. The company has a quick ratio of 1.02, a current ratio of 1.67 and a debt-to-equity ratio of 0.61. The company has a market capitalization of $30.94 billion, a PE ratio of 50.87, a price-to-earnings-growth ratio of 1.66 and a beta of 1.07. Corning Incorporated has a 12-month low of $25.26 and a 12-month high of $36.80.

Corning (NYSE:GLW) last issued its quarterly earnings data on Tuesday, April 30th. The electronics maker reported $0.38 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.36 by $0.02. The firm had revenue of $2.98 billion during the quarter, compared to the consensus estimate of $3.12 billion. Corning had a net margin of 4.96% and a return on equity of 12.31%. The business’s revenue for the quarter was down 11.5% compared to the same quarter last year. During the same period last year, the business posted $0.41 earnings per share. As a group, analysts predict that Corning Incorporated will post 1.91 earnings per share for the current year.

Corning Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 27th. Stockholders of record on Friday, May 31st will be given a $0.28 dividend. The ex-dividend date of this dividend is Friday, May 31st. This represents a $1.12 dividend on an annualized basis and a dividend yield of 3.10%. Corning’s payout ratio is 157.75%.

Corning Profile

Corning Incorporated engages in the display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses in the United States and internationally. The company's Display Technologies segment offers glass substrates for flat panel displays, including liquid crystal displays and organic light-emitting diodes that are used in televisions, notebook computers, desktop monitors, tablets, and handheld devices.